It was a quiet session (December corn contract volume was down 55 percent from the five-day average) in an early close before a long weekend as some profit was taken off the table, but there are still things to talk about.
Economists polled by Reuters ahead of today’s U.S. jobs report predicted a payroll increase of 3 million jobs in June; they were only off by 60 percent (+4.8 million). In a similar fashion, the average trade guess about Tuesday’s plantings report was a 2-million-acre reduction in corn and 1.8-million-acre increase in soybeans; they were only off by 177 percent and 75 percent, respectively. Do you see the pattern? Information markets based solely on opinion are highly dubious. USDA reports are the best...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
